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The Cryptocurrency and Regulation of Official
Digital Currency Bill, 2021
A thread...
What is Cryptocurrency?
Cryptocurrency is a type of digital money, which was designed for security and maintain anonymity of the user.
Digital Currency Bill, 2021
A thread...
What is Cryptocurrency?
Cryptocurrency is a type of digital money, which was designed for security and maintain anonymity of the user.
In the digital era, Bitcoin was the first decentralized cryptocurrency. Post Bitcoin several
cryptocurrencies have been created with each of them having unique features and
characteristics.
cryptocurrencies have been created with each of them having unique features and
characteristics.
What is Cryptocurrency and Regulation of official digital currency Bill, 2021?
The Centre, in the current budget session, plans to introduce ‘Cryptocurrency and
Regulation of official digital currency Bill,2021’.
The Centre, in the current budget session, plans to introduce ‘Cryptocurrency and
Regulation of official digital currency Bill,2021’.
Purpose of the bill:
a) to create a framework for creation of Central Bank Digital Currency (CBDC) which
would be issued by Reserve Bank of India (RBI)
b) prohibit all the ‘private’ cryptocurrencies in India
c) promote the underlying technology of cryptocurrency and its uses
a) to create a framework for creation of Central Bank Digital Currency (CBDC) which
would be issued by Reserve Bank of India (RBI)
b) prohibit all the ‘private’ cryptocurrencies in India
c) promote the underlying technology of cryptocurrency and its uses
What are ‘private’ cryptocurrencies?
Need to understand this a little better. The very nature & purpose of
cryptocurrencies is to be ‘private’ i.e. decentralized and regulation-free.
‘Private’ in the above context would mean any cryptocurrencies which are not issued by
the RBI.
Need to understand this a little better. The very nature & purpose of
cryptocurrencies is to be ‘private’ i.e. decentralized and regulation-free.
‘Private’ in the above context would mean any cryptocurrencies which are not issued by
the RBI.
Is this a good move?
Definitely this is a good move. The RBI has stated its intention to create its own CBDC. This
will enable the Central Bank to have the authority and regulations around its usage.
Definitely this is a good move. The RBI has stated its intention to create its own CBDC. This
will enable the Central Bank to have the authority and regulations around its usage.
Central Banks around the globe are also considering a move towards CBDC and with RBI
showing the same intent it will ensure India is moving along with the world to the digital
currency future.
End.
#cryptocurrency #Cryptoban #CryptoNews #Cryptoindia #RBI
showing the same intent it will ensure India is moving along with the world to the digital
currency future.
End.
#cryptocurrency #Cryptoban #CryptoNews #Cryptoindia #RBI
